Continental European gas contracts bounced back on Monday on a technical rally despite stable fundamentals and modest gains in crude oil prices, traders said. The Dutch TTF day-ahead gas recovered the previous week's losses, reaching a one-week high after closing Friday's session in negative territory. By midday, the contract was trading at Eur23.80/MWh, up 85 euro cent on the day. Similar price movements were noted on the neighboring German markets with gas for next day delivery on Germany's NetConnect valued at Eur24.00/MWh, adding nearly Eur1.00 on the day, while the GASPOOL day-ahead gas changed hands at Eur23.85/MWh, up 75 euro cent from the previous week's close. "Prices are definitely seeing strong gains...it is a technical rebound. There is no fundamental reason for such movement...oil moved up but not significantly," one trader said. ICE Brent crude for July delivery was trading 75 cents higher at $107.58 a barrel at 0915 GMT. The trader said the latest weather forecasts, which predict cooler temperatures over the weekend, had not "impacted gas prices" Monday. Forecaster CustomWeather expects temperatures in Amsterdam to drop 4 degrees Celsius below the seasonal normal high/low of 19/10 degrees Celsius by the weekend, while London could have temperatures 8 deg C lower than the seasonal normal on Saturday. Elsewhere, the French PEG Nord day-ahead gas recorded the strongest gains on the continent, adding more than a euro on the day to reach Eur24.50/MWh, while the day-ahead contract on the Austrian Baumgarten was slightly softer at Eur26.00/MWh, down 10 euro cent. On the curve, the TTF June gas was pegged trading at Eur23.95/MWh, up more than half a euro, while the Cal 13 gas was up nearly the same amount as the front-month gas at Eur26.35/MWh, the highest price for the contract in more than a week.

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